Dubai Chamber of Commerce Explains Advantages of CEPA in Increasing Service Exports
In a recent workshop hosted by the Dubai Chamber of Commerce and the Ministry of Foreign Trade, the importance of the UAE's Comprehensive Economic Partnership Agreements (CEPAs) in driving growth for the local services export sector was underscored.
The Dubai Chamber's initiatives, as outlined in the session, are geared towards helping businesses capitalise on opportunities arising from CEPA agreements. The Chamber's Business Groups, instrumental in shaping a more competitive and resilient business environment, played a critical role in the CEPA-focused event.
Attendees at the workshop examined the direct benefits of CEPAs, including reduced customs duties, simplified procedures, and improved regulatory transparency. The agreements, it was emphasised, are enhancing global market access for UAE-based service providers, particularly in sectors such as finance, education, healthcare, tourism, engineering, and environmental services.
Maha Al Gargawi, Vice President of Business Advocacy at Dubai Chambers, reaffirmed the chamber's ongoing commitment to supporting the private sector. She noted that the initiative reflects ongoing collaboration between Dubai Chambers and the Ministry of Foreign Trade to help businesses capitalise on CEPA-driven opportunities.
One of the key benefits of CEPAs is trade liberalisation and market access. These agreements facilitate easier access to large foreign markets by reducing trade barriers, enabling UAE service providers to expand their operations abroad. For example, the UAE-India CEPA has significantly boosted bilateral trade and economic cooperation, supporting exports and services growth between the two countries.
CEPAs also encourage closer collaboration in regulatory and competition policies, aligning both jurisdictions to remove structural obstacles that may have hindered services trade. This cooperation helps develop more effective frameworks conducive to service export growth.
Furthermore, CEPAs promote private sector growth and the expansion of small and medium-sized enterprises in the services domain by easing cross-border rules and providing a stable legal framework, which increases investment and service delivery opportunities in partner markets.
With the UAE aiming to double its economy’s size as part of the “Projects of the 50,” these agreements are integral to expanding service exports by tapping into markets constituting 10% of the world’s GDP. They help build new partnerships and create a network facilitating a broader flow of Emirati services abroad.
CEPAs also boost bilateral trade in services, as evidenced by the surge in bilateral trade between the UAE and India from $43.3 billion to $83.7 billion within a few years, reflecting growing demand for UAE's non-oil services exports such as IT, financial, and professional services.
In addition, CEPAs attract foreign investments into UAE service industries, enhancing competitiveness and innovation, and thereby enabling the UAE to position itself as a regional hub for services like logistics, finance, and technology.
Together, these benefits are driving growth in the UAE's local services export sector by expanding international market reach, enhancing competitive frameworks, and fostering private sector dynamism. The agreements create a resilient economic environment, supporting the UAE’s transformation into a global services trade and investment hub.
The workshop aimed to showcase how UAE's Comprehensive Economic Partnership Agreements are driving growth in the local services export sector, positioning the UAE as a strategic global trade hub. The Dubai Chamber and the Ministry of Foreign Trade are working together to facilitate business growth through CEPAs, with the Dubai Chamber's Business Groups continuing to play a critical role in shaping a more competitive and resilient business environment.
- The Dubai Chamber's Business Groups are instrumental in shaping a more competitive and resilient business environment, playing a critical role in events focused on the UAE's Comprehensive Economic Partnership Agreements (CEPAs).
- CEPAs are enhancing global market access for UAE-based service providers, particularly in sectors such as finance, education, healthcare, tourism, engineering, and environmental services.
- One of the key benefits of CEPAs is trade liberalization and market access, facilitating easier access to large foreign markets by reducing trade barriers, which aids UAE service providers in expanding their operations abroad.
- CEPAs promote private sector growth and the expansion of small and medium-sized enterprises in the services domain by easing cross-border rules and providing a stable legal framework, leading to increased investment and service delivery opportunities in partner markets.
- CEPAs also boost bilateral trade in services, as evidenced by the surge in bilateral trade between the UAE and India, with non-oil services exports such as IT, financial, and professional services seeing significant growth.
- With the UAE aiming to double its economy’s size, these agreements are integral to expanding service exports by tapping into markets constituting 10% of the world’s GDP, supporting the UAE’s transformation into a global services trade and investment hub.
